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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- IL Special Depreciation Subtraction
IL Special Depreciation Subtraction
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bob4
Level 2
02-04-2023
03:42 PM
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A heads up to anyone with an IL partnership with pre-2021 special 100% depreciation deductions. Lacerte22 is calculating a depreciation subtraction on the IL return in error. You will need to override the deduction per customer service, as the software does this calculation automatically - yes, even though it's incorrect.
Client had assets placed in service pre-2021 where 100% special deduction had been utilized. Federal depreciation and IL depreciation were the same in those prior years, as IL had not decoupled from 100% special depreciation at that point. Decoupling happened for years ending 12/31/21 and later.
Looking back to 2021 returns, this error appears to not be present. I haven't had the opportunity to check other return types.
My PSA for the day...
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3 Comments 3
fdznavcpa
Level 3
02-05-2023
03:07 PM
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Can someone from Lacerte please verify...
bob4
Level 2
02-05-2023
04:58 PM
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This was confirmed with customer support prior to my original post...
sjrcpa
Level 15
02-06-2023
12:47 PM
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@fdznavcpa You'll need to verify it yourself or take Bob's word for it. People from Lacerte rarely come here.
The more I know, the more I don't know.
